LIC Term Plan – Anmol Jeevan I & Amulya Jeevan I

By April 26, 2013 1 Comment

LIC Term Plan What is the Premium and Sum Insured in Anmol Jeevan I and Amulya Jeevan I? Is there any LIC i-Term Plan. The answer is No. LIC does not offer Term Plan online currently.

These days all Financial Planners are recommending their clients to buy Term Plans to insure their lives for a higher amount. While private companies are very aggressive with their online term plans, there are lots of complaints about their low claim settlement ratio. For the FY 2011-12, LIC is having the highest claim settlement ratio of 97.42% compared to the 89.34% for the private players. But how are the premium rates in LIC Term Plan? Let us analyse in detail about LIC Term Plans.

lic term plan LIC Term Plan – Anmol Jeevan I & Amulya Jeevan I

LIC offers 2 Term Plans now. They are:

  1. Anmol Jeevan – 1 (Table Number: 164)
  2. Amulya Jeevan – 1 (Table Number: 190)

Let us study both these Plans in detail:

LIC Term Plan – Anmol Jeevan I

This LIC Term Plan offers insurance cover from Rs. 5 Lakhs to Rs. 24 Lakhs for those who are in the age group of 18-55 years. The insurance cover will be offered up to a maximum of 65 years. You can select the term between 5-25 years. It is better to go for a term, which covers you till you retire.

Please see the chart below giving the details of annual premium for a Rs. 20 Lakhs policy for various age groups.

Age

Term of the Policy

Annual Premium(excluding Service Tax)

25

25

5,722

30

25

7,643

35

25

11,068

40

20

13,880

45

15

17,721

If you are aged 30, you can insure for Rs. 20 Lakhs by paying an annual premium of Rs. 7,643/-. The maximum term under the policy is 25. So, your insurance cover will cease at the age of 55 in this case.

LIC Term Plan – Anmol Jeevan I Features on LIC website

LIC Term Plan – Amulya Jeevan I

This LIC Term Plan offers insurance cover from Rs. 25 Lakhs. There is no upper limit fixed in the plan. The maximum amount will depend on your health conditions and your capacity to pay as decided by LIC. You can buy this policy, if you are aged between 18- 60 years. The insurance cover can go up to a maximum of 70 years. You can select the terms between 5-35 years to suit your needs. You can pay the premium yearly, half yearly or as a single premium.

Given below are the annual premium rates for Amulya Jeevan policy of Rs. 1 Crore for different age groups.

Age

Term of the Policy

Annual Premium(excluding Service Tax)

25

35

29,400

30

30

33,600

35

25

39,700

40

20

48,100

45

15

59,800

If you are aged 40, to insure your life for Rs. 1 Crore for the next 20 years, you have to pay an annual premium of Rs. 48,100. Service Tax will be charged extra.

LIC Term Plan – Amulya Jeevan I Features on LIC website

Is there any LIC Term Plan which I can buy online and pay less?

Online Term Plans are much cheaper compared to the offline policies explained above. Though there was a lot of rumour about the launch of an online LIC Term Plan, it has not happened so far. If you want to buy “LIC Term Plan, you can contact any agent or a partner bank of LIC.

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1 Comment

  1. ss ranawat says:

    when other companies are giving with low premium and high return then L.I.C is taking almost more than double premium. Why it is so?

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